Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare FXCM vs Interactive Brokers.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Both FXCM and Interactive Brokers hold a 4.00 star rating.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. FXCM alongside Interactive Brokers are regulated in a major hub. FXCM alongside Interactive Brokers are publicly traded companies. How many currency pairs are available to trade? Interactive Brokers offers its clients access to 85 different currency pairs while FXCM has 39 available pairs, a difference of 46.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FXCM has Meta Trader, Interactive Brokers doesn't. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Interactive Brokers trails FXCM by 22 total charting tools, with FXCM offering 31 and Interactive Brokers offering 9. Interactive Brokers boasts an offering of 121 different indicators (for example, moving averages) compared to FXCM's 51 available indicators.
Overall, both FXCM and Interactive Brokers are rated 4.50 stars. And, when it comes to individual category awards, FXCM posted awards Best in Class - Platforms & Tools, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while Interactive Brokers found itself with none of these.